Financial Center First Credit Union Mortgage Rates, Fees & Info

Indianapolis, IN

LEI: 549300GYDLDVRYKJ3N02

Tax ID: 35-0928620

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Financial Center First Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Financial Center First Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Indianapolis, New Castle, Kokomo, Lafayette, and Madison among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Financial Center First Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Financial Center First Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 5.44% 4/21/24
    30 Year Conventional Refi 6.27% 4/21/24
    15 Year Conventional Purchase 6.19% 4/21/24
    15 Year Conventional Refi 6.13% 4/21/24
    15 Year Cash-out Refi 6.13% 4/21/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Financial Center First Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Financial Center First Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    366

    Origination Dollar Volume (All Markets)

    $43,580,000

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 352 $42,330,000 $120,256 $511 4.50%
    New Castle, IN (FHA|USDA|VA) 3 $465,000 $155,000 $756 3.66%
    KOKOMO, IN (FHA|USDA|VA) 5 $315,000 $63,000 $286 5.47%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 2 $160,000 $80,000 $343 3.25%
    Madison, IN (FHA|USDA|VA) 1 $125,000 $125,000 $655 3.75%
    COLUMBUS, IN (FHA|USDA|VA) 1 $85,000 $85,000 $0 2.99%
    TERRE HAUTE, IN (FHA|USDA|VA) 1 $75,000 $75,000 $0 2.49%
    BLOOMINGTON, IN (FHA|USDA|VA) 1 $25,000 $25,000 $0 3.25%
    Financial Center First Credit Union's top markets include Indianapolis, New Castle, Kokomo, Lafayette, and Madison among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 366 $43,580,000 $119,071 $504 4.48%

    For 2019, Financial Center First Credit Union's most frequently originated type of loan was Conventional, with 366 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 290 $33,000,000 $113,793 $435 4.40%
    Home Purchase 52 $9,380,000 $180,385 $944 4.70%
    Home Improvement 24 $1,200,000 $50,000 $392 4.98%

    For 2019, Financial Center First Credit Union's most frequently cited loan purpose was Refi, with 290 originations. The 2nd most popular reason was Home Purchase, with 52 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 169 $24,195,000 $143,166 $739 5.01%
    10 Year 155 $16,025,000 $103,387 $206 3.54%
    Other 18 $1,550,000 $86,111 $905 6.07%
    5 Year 16 $400,000 $25,000 $457 5.45%
    30 Year 3 $715,000 $238,333 $670 4.42%
    3 Year 2 $300,000 $150,000 $0 7.55%
    1 Year 2 $260,000 $130,000 $0 7.38%
    20 Year 1 $135,000 $135,000 $185 4.50%

    For 2019, Financial Center First Credit Union's most frequently cited loan duration was 15 Year, with 169 originations. The 2nd most popular length was 10 Year, with 155 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 68 $7,700,000 $113,235

    Financial Center First Credit Union's average total fees were $670, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 68 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 87 $16,035,000 $184,310
    3-4% 62 $8,470,000 $136,613
    6-7% 55 $2,565,000 $46,636
    <2.5% 54 $4,910,000 $90,926
    2.5-3% 50 $5,490,000 $109,800
    7-8% 30 $1,700,000 $56,667
    5-6% 27 $4,295,000 $159,074
    Over 8% 1 $115,000 $115,000

    During 2019, Financial Center First Credit Union's average interest rate for loans was 4.42%, while their most frequently originated rate bucket for loans was 4-5%, with 87 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 219 $11,565,000 $52,808 $426 4.76%
    $100k-200k 104 $14,670,000 $141,058 $536 3.99%
    $200k-400k 30 $8,240,000 $274,667 $850 4.07%
    $400k-600k 9 $4,785,000 $531,667 $747 5.03%
    $1MM+ 2 $2,880,000 $1,440,000 $1,732 4.19%
    $600k-1MM 2 $1,440,000 $720,000 $694 4.00%

    2019 saw Financial Center First Credit Union place emphasis on $100,000 or less loans with 219 originations, totaling $11,565,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 87 $9,555,000 $109,828 $488 4.52%
    $50k-75k 87 $6,775,000 $77,874 $492 4.45%
    $75k-100k 64 $6,460,000 $100,938 $469 4.41%
    $50k or less 60 $4,250,000 $70,833 $589 4.42%
    $150k-250k 48 $8,540,000 $177,917 $406 4.08%
    $250k+ 10 $4,630,000 $463,000 $1,056 4.91%

    Financial Center First Credit Union lent most frequently to those with incomes in the $100k-150k range, with 87 originations. The second most popular income band? $50k-75k, with 87 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 82 $8,560,000 $104,390 $427 4.27%
    <20% 81 $8,315,000 $102,654 $343 3.50%
    30-36% 65 $8,555,000 $131,615 $517 4.50%
    50-60% 19 $3,305,000 $173,947 $771 5.26%
    42% 12 $1,360,000 $113,333 $568 4.85%
    41% 12 $740,000 $61,667 $463 5.60%
    44% 9 $845,000 $93,889 $667 4.89%
    40% 9 $1,375,000 $152,778 $446 4.81%
    39% 9 $875,000 $97,222 $561 4.74%
    37% 9 $865,000 $96,111 $535 5.14%
    38% 8 $850,000 $106,250 $920 4.77%
    36% 8 $620,000 $77,500 $426 5.03%
    49% 7 $905,000 $129,286 $462 4.92%
    46% 6 $580,000 $96,667 $795 6.04%
    47% 5 $255,000 $51,000 $581 6.39%
    45% 5 $575,000 $115,000 $629 3.93%
    >60% 5 $735,000 $147,000 $610 4.55%
    43% 3 $295,000 $98,333 $1,345 4.63%
    48% 2 $600,000 $300,000 $1,947 4.00%

    Financial Center First Credit Union lent most frequently to those with DTI ratios of 20-30%, with 82 originations. The next most common DTI ratio? <20%, with 81 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 262 $30,720,000 $117,252 $510 4.49%
    Not provided 55 $5,495,000 $99,909 $408 4.11%
    Not applicable 10 $3,370,000 $337,000 $0 6.71%
    Black 35 $3,125,000 $89,286 $613 4.46%
    Asian 4 $870,000 $217,500 $500 3.43%

    Approval Rates

    Total approvals of all applications
    79.20%

    Financial Center First Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    72.68%

    Financial Center First Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 366 $43,580,000 $119,071

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 366 $43,580,000 $119,071

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 87 $5,705,000 $65,575 $336 4.24%
    40-60% 77 $7,835,000 $101,753 $322 3.47%
    60-80% 83 $15,025,000 $181,024 $665 4.12%
    80-100% 33 $7,745,000 $234,697 $906 4.27%
    Under 20% 75 $3,795,000 $50,600 $533 5.96%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Financial Freedom Mortgage, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    Financial Freedom Mortgage, LLC VA mortgage Trouble during payment process 1 50.0%